What Baupost Group LLC changed, 2013 to 2026
53 quarterly 13F filings, from Q2 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.
Reported book
$5.4bn
$4.0bn at Q2 2013
Positions
23
24 at Q2 2013
Top ten weight
75%
92% at Q2 2013
Typical quarterly turnover
about 10%
Estimated from share changes
- Q2 2013: $4.0bn
- Q3 2013: $3.5bn
- Q4 2013: $3.5bn
- Q1 2014: $4.1bn
- Q2 2014: $6.1bn
- Q3 2014: $5.7bn
- Q4 2014: $5.1bn
- Q1 2015: $6.0bn
- Q2 2015: $6.0bn
- Q3 2015: $6.0bn
- Q4 2015: $5.5bn
- Q1 2016: $6.9bn
- Q2 2016: $7.4bn
- Q3 2016: $7.0bn
- Q4 2016: $7.7bn
- Q1 2017: $8.5bn
- Q2 2017: $8.8bn
- Q3 2017: $8.0bn
- Q4 2017: $10.1bn
- Q1 2018: $10.4bn
- Q2 2018: $11.4bn
- Q3 2018: $13.1bn
- Q4 2018: $11.5bn
- Q1 2019: $11.9bn
- Q2 2019: $11.0bn
- Q3 2019: $8.8bn
- Q4 2019: $9.1bn
- Q1 2020: $6.8bn
- Q2 2020: $8.0bn
- Q3 2020: $9.3bn
- Q4 2020: $10.8bn
- Q1 2021: $12.6bn
- Q2 2021: $12.3bn
- Q3 2021: $10.9bn
- Q4 2021: $10.1bn
- Q1 2022: $9.3bn
- Q2 2022: $6.8bn
- Q3 2022: $5.8bn
- Q4 2022: $6.1bn
- Q1 2023: $5.8bn
- Q2 2023: $5.6bn
- Q3 2023: $5.2bn
- Q4 2023: $4.6bn
- Q1 2024: $3.7bn
- Q2 2024: $3.6bn
- Q3 2024: $3.5bn
- Q4 2024: $3.4bn
- Q1 2025: $3.5bn
- Q2 2025: $4.1bn
- Q3 2025: $4.8bn
- Q4 2025: $5.3bn
- Q1 2026: $5.1bn
- Q2 2026: $5.4bn
- Q2 2013: 92%
- Q3 2013: 95%
- Q4 2013: 95%
- Q1 2014: 92%
- Q2 2014: 90%
- Q3 2014: 85%
- Q4 2014: 83%
- Q1 2015: 80%
- Q2 2015: 79%
- Q3 2015: 73%
- Q4 2015: 78%
- Q1 2016: 80%
- Q2 2016: 74%
- Q3 2016: 69%
- Q4 2016: 72%
- Q1 2017: 69%
- Q2 2017: 72%
- Q3 2017: 78%
- Q4 2017: 75%
- Q1 2018: 77%
- Q2 2018: 77%
- Q3 2018: 72%
- Q4 2018: 73%
- Q1 2019: 65%
- Q2 2019: 70%
- Q3 2019: 71%
- Q4 2019: 71%
- Q1 2020: 71%
- Q2 2020: 76%
- Q3 2020: 66%
- Q4 2020: 66%
- Q1 2021: 65%
- Q2 2021: 68%
- Q3 2021: 68%
- Q4 2021: 66%
- Q1 2022: 70%
- Q2 2022: 68%
- Q3 2022: 70%
- Q4 2022: 71%
- Q1 2023: 78%
- Q2 2023: 77%
- Q3 2023: 75%
- Q4 2023: 84%
- Q1 2024: 86%
- Q2 2024: 77%
- Q3 2024: 87%
- Q4 2024: 80%
- Q1 2025: 79%
- Q2 2025: 79%
- Q3 2025: 76%
- Q4 2025: 72%
- Q1 2026: 74%
- Q2 2026: 75%
The positions that defined it
Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Amazon Com Inc(AMZN) | Q2 2022 | $892mQ2 2026 | $892m | |
| Elevance Health Inc(ELV) | Q1 2025 | $493mQ2 2026 | $493m | |
| Restaurant Brands Intl Inc(QSR) | Q3 2024 | $597mQ1 2026 | $490m | |
| Alphabet Inc(GOOG)Capital Stock Class C | Q1 2020 | $775mQ3 2021 | $485m | |
| Ferguson Enterprises Inc(FERG)Common Stock New | Q4 2024 | $344mQ2 2026 | $344m | |
| Genuine Parts Co(GPC) | Q4 2024 | $332mQ2 2026 | $332m | |
| Union Pac Corp(UNP) | Q2 2023 | $376mQ4 2025 | $322m | |
| Visa Inc(V)Common Class A | Q1 2026 | $241mQ2 2026 | $241m | |
| Wesco Intl Inc(WCC) | Q1 2024 | $409mQ2 2025 | $229m | |
| Aon PLC(AON)Shares Class A | Q1 2026 | $248mQ1 2026 | $228m | |
| Teleflex Incorporated(TFX) | Q1 2026 | $191mQ1 2026 | $179m | |
| Norwegian Cruise Line HLDGS(NCLH) | Q1 2026 | $163mQ2 2026 | $163m | |
| Twenty First Centy Fox IncClass A | Q3 2015 | $2.5bnQ4 2018 | Soldlast listed Q4 2018 | |
| Micron Technology Inc(MU) | Q2 2013 | $1.8bnQ3 2014 | Soldlast listed Q4 2022 | |
| eBay Inc(EBAY) | Q2 2014 | $1.7bnQ2 2020 | Soldlast listed Q3 2021 | |
| Liberty Global PLCShares Class C | Q3 2018 | $1.6bnQ3 2021 | Soldlast listed Q3 2023 | |
| E M C Corp Mass | Q4 2015 | $1.5bnQ2 2016 | Soldlast listed Q2 2016 | |
| Intel Corp(INTC) | Q4 2020 | $1.5bnQ1 2021 | Soldlast listed Q2 2022 | |
| Idenix Pharmaceuticals Inc | Q2 2013 | $1.3bnQ2 2014 | Soldlast listed Q2 2014 | |
| Cheniere Energy Inc(LNG) | Q1 2014 | $1.2bnQ3 2016 | Soldlast listed Q1 2020 |
Quarter by quarter
Q3 2021: $10.9bn across 57 positions
Against Q2 2021: 7 new, 5 added to, 7 trimmed, 9 sold out, across all 57 positions.
Turnover about 6% of the book, estimated from share changes at quarter-end prices.
Largest additions
- Liberty Media Corp Del+$130m
- Liberty Media Corp Del+$45m
- Ss&c Technologies HLDGS Inc (SSNC)+$26m
- Verint Sys Inc+$21m
- Theravance Biopharma Inc (TBPH)+-$43m
Largest reductions
- eBay Inc (EBAY)-$629m
- Pg&e Corp (PCG)-$243m
- Willis Towers Watson PLC LTD (WTW)-$203m
- Qorvo Inc (QRVO)-$194m
- Intel Corp (INTC)-$169m
- International Flavors&fragra (IFF)-$148m
- Pershing Square Tontine HLDG-$42m
Opened
- Dropbox Inc (DBX)$271m
- Joby Aviation Inc (JOBY)$96m
Sold out
- Translate Bio Incwas $494m
- Reinvent Technology Partnerswas $59m
- Ajax Iwas $42m
- Reinvent Technology Partnerswas $35m
- Reinvent Technology Partnerswas $9.9m
- The Beauty Health Companywas $5.8m
- Ajax Iwas $2.3m
- Reinvent Technology Partnerswas $1.7m
Largest positions, Q3 2021
The largest 25 of 57 reported positions.
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| Liberty Global PLC | $1.6bn | 14.6% | Held |
| Intel Corp (INTC) | $1.1bn | 9.7% | Trimmed |
| Viasat Inc (VSAT) | $897m | 8.2% | Held |
| Qorvo Inc (QRVO) | $850m | 7.8% | Trimmed |
| Alphabet Inc (GOOG) | $775m | 7.1% | Held |
| Facebook Inc (META) | $525m | 4.8% | Held |
| Micron Technology Inc (MU) | $508m | 4.7% | Held |
| Liberty Media Corp Del | $431m | 4.0% | Added |
| eBay Inc (EBAY) | $417m | 3.8% | Trimmed |
| Veritiv Corp | $319m | 2.9% | Held |
| Nexstar Media Group Inc (NXST) | $311m | 2.9% | Held |
| Dropbox Inc (DBX) | $271m | 2.5% | New |
| Ss&c Technologies HLDGS Inc (SSNC) | $265m | 2.4% | Added |
| Willis Towers Watson PLC LTD (WTW) | $232m | 2.1% | Trimmed |
| Liberty Global PLC | $228m | 2.1% | Held |
| Shaw Communications Inc | $219m | 2.0% | Held |
| Liberty Media Corp Del | $208m | 1.9% | Added |
| Pershing Square Tontine HLDG | $188m | 1.7% | Trimmed |
| International Flavors&fragra (IFF) | $166m | 1.5% | Trimmed |
| Verint Sys Inc | $158m | 1.5% | Added |
| Atara Biotherapeutics Inc | $152m | 1.4% | Held |
| Digitalbridge Group Inc | $138m | 1.3% | Held |
| Advantage Solutions Inc (ADV) | $104m | 1.0% | Held |
| Theravance Biopharma Inc (TBPH) | $101m | 0.9% | Added |
| Joby Aviation Inc (JOBY) | $96m | 0.9% | New |
The books most like this one
Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.
| Manager | Overlap | Stocks in both | Overlap over time | |
|---|---|---|---|---|
| Pershing Square Capital Management LP | 24% | 3 | Compare | |
| Egerton Capital UK LLP | 24% | 4 | Compare | |
| Appaloosa LP | 24% | 2 | Compare | |
| Polen Capital Management LLC | 17% | 4 | Compare | |
| ValueAct Holdings LP | 17% | 2 | Compare | |
| Markel Group Inc | 15% | 8 | Compare | |
| TCI Fund Management Ltd | 11% | 2 | Compare | |
| Maverick Capital Ltd | 11% | 3 | Compare |
The filings behind it
Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.
| Quarter | Filer | Book | Amended | Filing |
|---|---|---|---|---|
| Q2 2026 | Baupost Group LLC | $5.4bn | 13F-HR | |
| Q1 2026 | Baupost Group LLC | $5.1bn | 13F-HR | |
| Q4 2025 | Baupost Group LLC | $5.3bn | 13F-HR | |
| Q3 2025 | Baupost Group LLC | $4.8bn | 13F-HR | |
| Q2 2025 | Baupost Group LLC | $4.1bn | 13F-HR | |
| Q1 2025 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q4 2024 | Baupost Group LLC | $3.4bn | 13F-HR | |
| Q3 2024 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q2 2024 | Baupost Group LLC | $3.6bn | 13F-HR | |
| Q1 2024 | Baupost Group LLC | $3.7bn | 13F-HR | |
| Q4 2023 | Baupost Group LLC | $4.6bn | 13F-HR | |
| Q3 2023 | Baupost Group LLC | $5.2bn | 13F-HR | |
| Q2 2023 | Baupost Group LLC | $5.6bn | 13F-HR | |
| Q1 2023 | Baupost Group LLC | $5.8bn | 13F-HR | |
| Q4 2022 | Baupost Group LLC | $6.1bn | 13F-HR | |
| Q3 2022 | Baupost Group LLC | $5.8bn | 13F-HR | |
| Q2 2022 | Baupost Group LLC | $6.8bn | 13F-HR | |
| Q1 2022 | Baupost Group LLC | $9.3bn | 13F-HR | |
| Q4 2021 | Baupost Group LLC | $10.1bn | 13F-HR | |
| Q3 2021 | Baupost Group LLC | $10.9bn | 13F-HR | |
| Q2 2021 | Baupost Group LLC | $12.3bn | 13F-HR | |
| Q1 2021 | Baupost Group LLC | $12.6bn | 13F-HR | |
| Q4 2020 | Baupost Group LLC | $10.8bn | 13F-HR | |
| Q3 2020 | Baupost Group LLC | $9.3bn | 13F-HR | |
| Q2 2020 | Baupost Group LLC | $8.0bn | 13F-HR | |
| Q1 2020 | Baupost Group LLC | $6.8bn | 13F-HR | |
| Q4 2019 | Baupost Group LLC | $9.1bn | 13F-HR | |
| Q3 2019 | Baupost Group LLC | $8.8bn | 13F-HR | |
| Q2 2019 | Baupost Group LLC | $11.0bn | 13F-HR | |
| Q1 2019 | Baupost Group LLC | $11.9bn | 13F-HR | |
| Q4 2018 | Baupost Group LLC | $11.5bn | 13F-HR | |
| Q3 2018 | Baupost Group LLC | $13.1bn | 13F-HR | |
| Q2 2018 | Baupost Group LLC | $11.4bn | 13F-HR | |
| Q1 2018 | Baupost Group LLC | $10.4bn | 13F-HR | |
| Q4 2017 | Baupost Group LLC | $10.1bn | 13F-HR | |
| Q3 2017 | Baupost Group LLC | $8.0bn | 13F-HR | |
| Q2 2017 | Baupost Group LLC | $8.8bn | 13F-HR | |
| Q1 2017 | Baupost Group LLC | $8.5bn | 13F-HR | |
| Q4 2016 | Baupost Group LLC | $7.7bn | 13F-HR | |
| Q3 2016 | Baupost Group LLC | $7.0bn | 13F-HR | |
| Q2 2016 | Baupost Group LLC | $7.4bn | 13F-HR | |
| Q1 2016 | Baupost Group LLC | $6.9bn | 13F-HR | |
| Q4 2015 | Baupost Group LLC | $5.5bn | 13F-HR | |
| Q3 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q2 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q1 2015 | Baupost Group LLC | $6.0bn | 13F-HR | |
| Q4 2014 | Baupost Group LLC | $5.1bn | 13F-HR | |
| Q3 2014 | Baupost Group LLC | $5.7bn | 13F-HR | |
| Q2 2014 | Baupost Group LLC | $6.1bn | 13F-HR | |
| Q1 2014 | Baupost Group LLC | $4.1bn | 13F-HR | |
| Q4 2013 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q3 2013 | Baupost Group LLC | $3.5bn | 13F-HR | |
| Q2 2013 | Baupost Group LLC | $4.0bn | 13F-HR |
Reading this record
A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.
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